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Bloomfield man sentenced for $2M investment fraud scheme

A Bloomfield man has been sentenced to two years in prison for orchestrating a fraudulent investment scheme.

Thomas Corsaro, 60, is accused of posing as an investment advisor for two years and defrauding eight investors out of a total of $1,712,469.32. Instead of investing the funds as promised, he used the money for personal expenses and deposited it into his personal and business bank accounts. The fraudulent activities were uncovered following an investigation, leading to Corsaro’s conviction.

U.S. Attorney Trini E. Ross announced Corsaro’s guilty plea to wire fraud, a charge that carries a maximum penalty of 20 years in prison and a $250,000 fine. Corsaro’s plea came after an investigation by the Federal Bureau of Investigation (FBI), led by Special Agent-in-Charge Matthew Miraglia. The investigation revealed that Corsaro had repaid only $265,642.83 of the total funds received from the investors prior to the initiation of the criminal investigation.

As part of his sentence, Corsaro has been ordered to repay the remaining amount of $1,447,809.19 to the victims of his scheme. The sentencing, which occurred on December 6, 2023, brings closure to the case that highlights the risks associated with investment fraud and the importance of investor vigilance.